New Buckhead luxury apartments to break the $2 per square foot rate

Two luxury apartment developments now under construction in Buckhead are expected to break $2 per- square-foot rental rates, a benchmark not yet seen in the market.

The $2 per-square-foot mark is expected to arrive in Buckhead in early spring when Coro Realty Advisors LLC opens 05 Buckhead, its high-rise luxury apartment building at Peachtree and Piedmont roads.

The 20-story, 155-unit apartment tower includes four two-story penthouses. Units range from 762 square feet to 2,761 square feet, with the average unit about 1,300 square feet.

Wood Partners LLC has begun construction on The Residences at Streets of Buckhead, which will have 360 units in two 21-story towers over retail bounded by Buckhead Avenue, North Fulton Drive and East Paces Ferry Road.

Wood Partners Southeast regional partner, Mark Randall has been quoted as saying rents “with be north” of $2 per square foot.

InterContinental gets Five Diamond rating

The InterContinental Hotel Buckhead, which is owned by Atlanta-based InterContinental Hotels Group Plc, has won the coveted Five Diamond rating from AAA. The official announcement will be made in August.

The InterContinental Buckhead has been seeking the designation since the 422-room luxury hotel opened on Peachtree Road in 2004.

Only three other hotels in Atlanta hold Five Diamond ratings: the Four Seasons Hotel Atlanta, The Ritz-Carlton Buckhead and The Ritz-Carlton Atlanta.

Only 100 out of 60,000 evaluated in North America hold the Five Diamond rating, according to AAA.